Joules set for £140m listing on AIM market
Retailer Joules is to list on the London Stock Exchange's junior AIM market with a valuation of £140 million.
The company said the initial public offering will take place in the second quarter of 2016 and the listing is expected to see founder Tom Joule pocket £40 million as he trims his 80% stake to below 50%.
Mr Joule founded the fashion retailer in 1989 and today it operates 98 stores in the UK and Ireland. Revenues last year came in at £116.4 million with a strong performance from its international presence in Germany and North America.
The money raised will be used to boost store numbers in the UK and overseas.
Private equity firm LDC will also offload its 20% stake as part of the listing.
Joules has mandated investment bank Rothschild to act as adviser during the process.
Colin Porter, chief executive of Joules, said: "Joules has a rare heritage and a strong presence across clothing and lifestyle product categories. Since the brand's foundation more than 26 years ago, Joules has enjoyed strong, consistent growth developing into the much-loved, fun, family, 'time-off' lifestyle brand it is today.
"We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally."